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20121121
20121129
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tonight in deficit reduction efforts. it's a path that is sure to lead to many obstacles from the other side. chief white house correspondent ed henry has the new developments in a time sensitive story. >> in a dramatic move today, president obama seemed to be trying to split the budget talks to two pieces. suggesting he and lawmakers come up with spending cuts next year after they avoid the fiscal cliff, by extending middle class tax cuts and raising taxes on the rich. >> it would give us more time than next year to work together. on a comprehensive plan to bring down the deficit, streamline our tax system. do in a balanced way. >> the president apparent shift away from spending and tax altogether now in a big deal could increase the chances of a market rattling fall off the cliff. since the republicans want spending cuts included. >> republicans are willing to put revenue on the table. but it's time for the president and democrats to get serious about the spending problem that our country has. >> the president's move came one day after two other big developments, suggesting democrats
negotiated deficit reduction changes. it includes expiration of the bush era tax cuts that would effect everyone. expiration of the tax cut around for years can be called a tax increase. the nonpartisan budget office would bring in $1 trillion in ten years. on tap, 1.2 trillion in spending cuts for ten years. $100 billion in first year. half to defense programs. half to nondefense. cbo says going off the cliff would lead to a recession next year. we have fox team coverage tonight. ed henry is trying to read tea leaves on a day of mixed signals from all sides but we begin with mike emanuel on the possibility that g.o.p. lawmakers may put their oath of office above a promise to antitax increase organizer. good evening. >> good evening. the republican sources say they are offering a balanced approach of significant spending cuts and some revenue without boosting tax rates. >> we have been responsible as we remain firm on this point. no tax increases now for promised spending cuts that won't materialize later. the american people have seen that game before. they won't be fooled again. >> th
down deficit. the campaign promise is to cut the deficit in half. he said he would do it by focusing at the center of his proposal, going to be entitlement reform. we have seen none of that. more than four years. >> bret: interesting op-ed by bill archer and chris cox in "wall street journal" saying that the real outlay is $86 trillion of unfunded liabilities. obligations when you include all of the federal government, what it owes. that is obviously dwarfs the $16 trillion in debt we hold. >> which raises the question why are republicans allowing the entire debate to be about taxes? and about the war among republicans over holding the line on the norquist pledge or not. when what obama is proposing on raising the rates on the 2% is a triviality. it will reduce the deficit from $11.01 trillion to $1. $1.02 trillion. eight cents on the dollar. nothing. lunch money. it's rounding error. yet that is all the debate we are hearing. obama understands this. he is trying to, he is not trying to fix our fiscal issues and problems. he's trying to destroy the republicans. by insisting that ther
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